Prolonged political uncertainty will hamper the economic performance of the country if the crisis is not addressed immediately, the International
Chambers of Commerce of Bangladesh said on Saturday.
In a report of its executive board, the ICCB said the performance of the economy in FY 2013 and beyond would critically hinge on how the political challenges that Bangladesh facing at the moment are addressed.
‘Any prolonged uncertainty in this context will have serious implications for the performance of the economy,’ said the report presented at the annual council of the ICCB on the day.
Another challenge will be to stimulate agricultural production and to find a balance in protecting the interests of crop producers and consumers, it said.
Some analysts consider Bangladesh’s growth is likely to remain healthy, although it is yet below potential.
However, the political situation will be the main factor to set the course of the economy, the report stated.
It also said that Bangladesh had attracted global attention due to its economic potential, competitive strength and its big domestic market which would help it to flourish.
‘But the overall economic management will be challenging in the year 2013 as there will be a number of tensions in economic management,’ it said.
It also said the fiscal discipline had improved and a robust growth in remittances was seen despite slow export growth. It has ensured a comfortable foreign exchange reserves, it said.
The current economic trend has thus brought both opportunities and challenges for the Bangladesh economy for the remaining period of FY 2013, it said.
ICCB vice-president Latifur Rahman, Metropolitan Chambers of Commerce and Industry president Rokia Afzal Rahman, Association of Bankers Bangladesh president Nurul Amin and Bangladesh Insurance Association president Sheikh Kabir Hossain were present, among others, in the meeting.
-With New Age input
